The federal and NSW governments will spend $3 million on a new monument paying tribute to Captain Cook in Sydney's Botany Bay.

The new permanent aquatic monument is part of a landmark $50 million redevelopment of Sydney’s Meeting Place Precinct, News Corp reports.

The major upgrade of the Captain James Cook memorial will be announced today by Treasurer Scott Morrison – Botany Bay is part of his electorate Cook.

Morrison said the expansion would deliver a “place of commemoration and recognition and understanding of two cultures, and the incredible Captain Cook”.

The monument, which is expected to include memorials to both Cook and Australia’s first people, will be delivered ahead of the 250th anniversary commemorating the first contact between ­Europeans and Indigenous people on April 29, 1770.

“It is when that next chapter of Australia’s ancient story began being written and that’s the most modern part of that story … it’s taken us to the incredible country we are today,” the Treasurer said.

The redevelopment of the monument follows on from a number of monuments across Sydney’s CBD, including a statue of Captain James Cook, being attacked by vandals in the later half of last year.